Leasing Lambo as Business expense

Hello fellow business owners - anyone writing their car off as a business expense? Any insight there?

I think this was just discussed. Try a search, but the consensus was -

 

Yes you can.........But Uncle Sam will be so far up your ass, YOU'LL be wearing the red/white/blue top hat.

It WAS just discussed, and I think that was, indeed, the consensus.

 

Accountant is always a better person to ask anyway. You never know when an owner is going to say "hells yeah I deduct my whole lease payment and the IRS never says anything" only to found out he is going to get audited NEXT year.

 

- Robert

 

 

Basically, you can try but it won't fly unless the car is used in your business, ie it's used for advertising or you are a tuner etc. For those cases you need to consult an accountant. For a company car it won't fly.

definitely hard to do.

 

In any event, you are begging for an audit. And who want to be under the microscope of the IRS?

I am amazed how often this topic comes up...........

 

It's a non starter unless you enjoy being audited. Might as well post a neon sign saying "AUDIT ME". If you are trying to deduct a Lamborghini, the IRS will be all over you looking at all your deductions. In the end, legitimate deductions will be audited too and potentially denied. Plus fines.

 

My parents got on the bad side of the IRS, they were audited 10 yrs in a row.........after year 2, they stopped fcuking around on their taxes and they were still fined and charged penalties for next 8 years.

 

As my CPA tells me, your tax return is a story.....and it's a non-fiction tale. Needs to be believable....not necessarily true.

 

Deducting Lamborghini's for 99.999999% of the population is pure fiction. Hence the red flag.

Great post Kinnsella, Appreciate the insight